风险投资对创业企业作用的实证研究
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摘要
文章从风险投资对创业企业作用的机理分析出发,实证研究风险投资对创业企业创生和企业成长的作用。对企业创生作用的研究表明风险投资活动的发展和增长有助于地区新企业的创生,一方面风险投资为那些无法从传统渠道融资的创业企业提供资金支持,另一方面也刺激地区创新,促使新经济部门、新技术、新产品的出现,为创业者创业活动提供更多机遇。有关风险投资对创业企业成长作用的研究采用倾向得分匹配法,该方法有效剔除了风险投资家"选择作用"对研究结果造成的偏差。研究结果表明风险投资不但有助于企业规模的不断扩大,同时也有助于企业研发创新等各项成长能力的提升,有效促进了企业竞争优势,帮助企业做大做强。
Starting from the analysis of the effect of the venture capital on entrepreneurial enterprises,this paper conducts an empirical study to explore the function of venture capital on creation and growth of entrepreneurial enterprises. The study on creation of enterprises reveals that the development and growth of venture capital activities are conducive to the creation of regional new enterprises; on one hand,venture capital provides financial support for entrepreneurial enterprises which can not finance from traditional finance channels; on the other hand,venture capital stimulates regional innovation and promotes the emergence of new economic departments,new technologies and new products to provide more opportunities for entrepreneurs' activities. Studying on the role of venture capital for entrepreneurial enterprises' growth adopts PSM which removes the"selecting effect"of venture capitalists on the research results. The results show that venture capital will not only help to expand business scale,but also help to enhance development of different abilities including research and innovation etc.,promote the cultivation of competitive advantage so as to make the enterprises bigger and stronger.
Starting from the analysis of the effect of the venture capital on entrepreneurial enterprises,this paper conducts an empirical study to explore the function of venture capital on creation and growth of entrepreneurial enterprises. The study on creation of enterprises reveals that the development and growth of venture capital activities are conducive to the creation of regional new enterprises; on one hand,venture capital provides financial support for entrepreneurial enterprises which can not finance from traditional finance channels; on the other hand,venture capital stimulates regional innovation and promotes the emergence of new economic departments,new technologies and new products to provide more opportunities for entrepreneurs' activities. Studying on the role of venture capital for entrepreneurial enterprises' growth adopts PSM which removes the"selecting effect"of venture capitalists on the research results. The results show that venture capital will not only help to expand business scale,but also help to enhance development of different abilities including research and innovation etc.,promote the cultivation of competitive advantage so as to make the enterprises bigger and stronger.
引文
[1]成思危.成思危论风险投资[M].北京:中国人民大学出版社,2008:14-17.
[2]齐观义,张华.国际风险投资发展的新趋势及我国的对策[J].港澳经济,1998(10):45-48.
[3]尹淑娅.风险投资中的创业企业价值评估模型及其运用[J].中国软科学,1999(6):78-79.
[4]李娜,隋静.风险投资与创业企业成长关系的实证探究[J].科技管理研究,2013:139-142.
[5]沈丽萍.风险投资对中小企业自主创新的影响——基于创业板的经验数据[J].证券市场导报,2015(1):59-64.
[6]沈维涛,胡刘芬.风险资本联合投资对被投资企业公司治理的影响研究——基于董事会结构和高管薪酬契约的视角[J].财经论丛,2014(4):64-71.
[7]UEDA M,HIRUKAWA M.Venture Capital and Productivity[R].Working Paper,University of Wisconsin,2003.
[8]POPOV A,ROOSENBOOM P.Venture Capital and Patented Innovation:Evidence from Europe[J].Social Science Electronic Publishing,2012,27(71):447-482.
[9]PURI M,ZARUTSKIE R,PURI M,et al.On the Life Cycle Dynamics of Venture-Capital-and Non-Venture-Capital-Financed Firms[J].Journal of Finance,2012,67(6):2247-2293.
[10]万坤扬,袁利金.创业投资与技术创新关系的实证分析[J].工业工程与管理,2006,11(1):72-76.
[11]谈毅,杨晔.创业投资对企业长期绩效的影响——基于我国中小企业板的实证研究[J].上海经济研究,2011(5):72-82.
[12]曹兴,周耀辉,张兴奎.风险投资运作机制及特征分析[J].中南大学学报:社会科学版,2002(8):345-349.
[13]鲁银梭,郝云宏.创投引入后的主体行为对企业成长的影响机制[J].浙江工商大学学报,2015(1):105-114.
[14]江三良.民营企业创生的地区差异研究[D].合肥:安徽大学经济学院,2010.
[15]SAMILA S,SORENSON O.Venture Capital,Entrepreneurship,and Economic Growth[J].The Review of Economics and Statistics,2011,93(1):338-349.
[16]林鑫太.风险投资对创业企业的作用[J].现代经济信息,2010(18):167.
[17]ROSENBAUM P R,RUBIN D B.The Central Role Of The Propensity Score In Observational Studies For Causal Effects[J].Biometrika,1983,70(1):41-55.
[2]齐观义,张华.国际风险投资发展的新趋势及我国的对策[J].港澳经济,1998(10):45-48.
[3]尹淑娅.风险投资中的创业企业价值评估模型及其运用[J].中国软科学,1999(6):78-79.
[4]李娜,隋静.风险投资与创业企业成长关系的实证探究[J].科技管理研究,2013:139-142.
[5]沈丽萍.风险投资对中小企业自主创新的影响——基于创业板的经验数据[J].证券市场导报,2015(1):59-64.
[6]沈维涛,胡刘芬.风险资本联合投资对被投资企业公司治理的影响研究——基于董事会结构和高管薪酬契约的视角[J].财经论丛,2014(4):64-71.
[7]UEDA M,HIRUKAWA M.Venture Capital and Productivity[R].Working Paper,University of Wisconsin,2003.
[8]POPOV A,ROOSENBOOM P.Venture Capital and Patented Innovation:Evidence from Europe[J].Social Science Electronic Publishing,2012,27(71):447-482.
[9]PURI M,ZARUTSKIE R,PURI M,et al.On the Life Cycle Dynamics of Venture-Capital-and Non-Venture-Capital-Financed Firms[J].Journal of Finance,2012,67(6):2247-2293.
[10]万坤扬,袁利金.创业投资与技术创新关系的实证分析[J].工业工程与管理,2006,11(1):72-76.
[11]谈毅,杨晔.创业投资对企业长期绩效的影响——基于我国中小企业板的实证研究[J].上海经济研究,2011(5):72-82.
[12]曹兴,周耀辉,张兴奎.风险投资运作机制及特征分析[J].中南大学学报:社会科学版,2002(8):345-349.
[13]鲁银梭,郝云宏.创投引入后的主体行为对企业成长的影响机制[J].浙江工商大学学报,2015(1):105-114.
[14]江三良.民营企业创生的地区差异研究[D].合肥:安徽大学经济学院,2010.
[15]SAMILA S,SORENSON O.Venture Capital,Entrepreneurship,and Economic Growth[J].The Review of Economics and Statistics,2011,93(1):338-349.
[16]林鑫太.风险投资对创业企业的作用[J].现代经济信息,2010(18):167.
[17]ROSENBAUM P R,RUBIN D B.The Central Role Of The Propensity Score In Observational Studies For Causal Effects[J].Biometrika,1983,70(1):41-55.